Taxes (GOP 2017 edition)

[Phil Titola]

Weird to celebrate tax law changes then try everything possible to enjoy current tax law.

[gatoveintisiete]

Also weird to act like tax cuts are tiny and inconsequential, and then move heaven and earth to get more deductions into high tax 2017.

[steve dave]

Rev. Rul. 82-208 prevents a cash basis taxpayer (i.e. individuals) from deducting state tax payments when, on the date of the payment, you couldn't reasonably determine the amount of the tax - so paying a 2018 state tax estimate would not be allowed since you don't technically know your income for 2018 on which to base that estimate. The same logic could be extended to real estate and property taxes since technically they haven't been assessed yet. Your tax adviser should have warned you about trying to prepay years in advance.

I'm not 100% certain anyone ITT was looking to pay years in advance. I mean, the idea was tossed around but I and I'm assuming KSU-Dub weren't planning to go into what we would owe in 2019.

[chum1]

eff paying ahead. What if you die? My one and only tax question ever is at what age I can stop paying taxes without worry of negative repercussions.

[steve dave]

eff paying ahead. What if you die? My one and only tax question ever is at what age I can stop paying taxes without worry of negative repercussions.

could be today chum

[chum1]

If you're self-employed without any major assets or loans, the odds of getting busted are extremely low. In fact, an estimated 7 million Americans fail to file their taxes every year, and in 2008 the IRS examined only 158,000 such cases. That comes out to a roughly 2 percent chance of getting caught. Even if the IRS does audit you, the agency probably won't press charges.

http://www.slate.com/articles/news_and_politics/explainer/2009/04/taxes_schmaxes.html

[steve dave]

there you go, it's today!

[8manpick]

If you're self-employed without any major assets or loans, the odds of getting busted are extremely low. In fact, an estimated 7 million Americans fail to file their taxes every year, and in 2008 the IRS examined only 158,000 such cases. That comes out to a roughly 2 percent chance of getting caught. Even if the IRS does audit you, the agency probably won't press charges.

http://www.slate.com/articles/news_and_politics/explainer/2009/04/taxes_schmaxes.html

Hope you don't have kids that you may have to fill out a FAFSA for someday.  I have second cousins who are mumped as far as college goes because their dad rarely pays his taxes.

[catastrophe]

I got $500 knocked off my property tax bill this year so I can’t reasonably estimate next year’s taxes cause you bet your ass I’m challenging those as well.

[michigancat]

I get no property tax benefits so eff all of you

[The Big Train]

But you get to live in SF rusty

[michigancat]

But you get to live in SF rusty

true. it's quite the pickle. for real.

[K-S-U-Wildcats!]

https://www.google.com/amp/s/www.vox.com/platform/amp/policy-and-politics/2017/12/28/16818680/state-local-tax-deduction-income-payroll-trump-tax-reform-republican

I would really enjoy watching states like Connecticut repeal their state income tax and heap it all onto employers as a “payroll tax.”

And I would would really like to see the strategy of setting up a state government fund as a “charity.”

These folks have lost their minds.

[steve dave]

another personally good thing about this bill is I can use my 529s on my kids primary school expenses. just found out about that.

Point: I'm going to save a shitload of coin while they're in K-12 now.
Counterpoint: RIP their college savings 529b accounts, hope they're either athletic or smart.

[catastrophe]

Holy crap how much does it cost for kids in grade school now?

[steve dave]

Holy crap how much does it cost for kids in grade school now?

anywhere from basically nothing to a incredible shitload amount.

[K-S-U-Wildcats!]

Some private grade schools cost as much, if not more, than in-state college tuition. I send my kids to public schools, but that's because I live in an area with decent public schools (by which I mean, schools full of kids who generally aren't disrupting the learning environment).

A lot of parents work in areas where decent public schools aren't nearly as available. In some cases, they are better off paying for private tuition than paying the absurd markup to live in the "good" school district. So I'm glad they made this tax change.

[star seed 7]

Fine with me 

Bi-partisan support!

[Kat Kid]

Some private grade schools cost as much, if not more, than in-state college tuition. I send my kids to public schools, but that's because I live in an area with decent public schools (by which I mean, schools full of kids who generally aren't disrupting the learning environment).

A lot of parents work in areas where decent public schools aren't nearly as available. In some cases, they are better off paying for private tuition than paying the absurd markup to live in the "good" school district. So I'm glad they made this tax change.

Wasn't private tuition already tax deductible, it now is just pre-tax?

[Rage Against the McKee]

Some private grade schools cost as much, if not more, than in-state college tuition. I send my kids to public schools, but that's because I live in an area with decent public schools (by which I mean, schools full of kids who generally aren't disrupting the learning environment).

A lot of parents work in areas where decent public schools aren't nearly as available. In some cases, they are better off paying for private tuition than paying the absurd markup to live in the "good" school district. So I'm glad they made this tax change.

Wasn't private tuition already tax deductible, it now is just pre-tax?

Pre-tax is a lot better because you can still take the standard deduction on top of it.

[Kat Kid]

Some private grade schools cost as much, if not more, than in-state college tuition. I send my kids to public schools, but that's because I live in an area with decent public schools (by which I mean, schools full of kids who generally aren't disrupting the learning environment).

A lot of parents work in areas where decent public schools aren't nearly as available. In some cases, they are better off paying for private tuition than paying the absurd markup to live in the "good" school district. So I'm glad they made this tax change.

Wasn't private tuition already tax deductible, it now is just pre-tax?

Pre-tax is a lot better because you can still take the standard deduction on top of it.

Oh no doubt, I just wanted to clarify.

[michigancat]

I would guess the number of cases where the cost of living+private school tuition is less than the cost of living in a better school district is rare.

Private school tuition shouldn't be tax deductible IMO

[puniraptor]

he just had to sneak a little bit racist tidbit in there for his fans

[K-S-U-Wildcats!]

he just had to sneak a little bit racist tidbit in there for his fans

I have no idea what this means, but thank, jerk.

Rusty - could be right. But by the time you factor in higher property values, higher taxes, and higher transportation costs and commute (assuming the move also takes you further from work) it might not be as rare as you think for all that added cost to equal or exceed private tuition. Would depend on number of kids, cost of tuition, etc.

[wetwillie]

Private school kids are pillowy soft